Minnesota’s net general fund revenues for fiscal year (FY) 2025 are now estimated to total $31.9 billion, $847 million (2.7%) more than projected in the February forecast. Net income tax was above forecast while net corporate tax, sales tax, and other revenues were below. Fourth quarter general fund revenues were $603 million (6.8 %) more than forecast.

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Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.